Misumi Group Watchlist
Misumi Group (9962 JP): Watch Out for Recession
357 Views, 07 May 2022 13:53
- The shares look cheap on FY Mar-23 guidance, but operating profit has dropped back after a surge and 1H looks difficult.
- On the positive side, the VONA e-commerce business is catching up with Factory Automation as a source of profit. Annual sales and profitability have reached new highs.
- Management has rebalanced the business. The main risk now is macro-economic.